98Transfer of principal place of residence by corporation to beneficiary of special trust

#### 98 Transfer of principal place of residence by corporation to beneficiary of special trust 98 Transfer of principal place of residence by corporation to beneficiary of special trust > A transfer of land by a corporation (not acting in the capacity of a trustee) is eligible for exemption under this Division if— > > > (a) the corporation owned the land on 11 September 1990, and > > > (b) the transferee or each of the transferees is a person, or the spouse of a person, who is a beneficiary under a special trust and was a beneficiary under the trust when the land was acquired by the corporation, and > > > (c) the trustee under the special trust is a principal shareholder in the corporation (or would, if the trustee were not a corporation, be a principal shareholder in the corporation) at the time of the transfer, and > > > (d) had the transferee or each of the transferees been the owner within the meaning of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026) on 31 December that last preceded the date of the transfer, the land transferred would, by the operation of section 10 (1) (r) of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026), be exempt from land tax in respect of the year in which the transfer took effect. > > **s 98:** Am 1998 No 44, Sch 1 \[16\]; 1998 No 79, Sch 2.1 \[3\]; 2004 No 33, Sch 3.1 \[2\].